Today’s deal comes just weeks after Aggreko snapped up an Indonesia rival in a deal worth up to $32.8m (£25.3m). Power rental company KBT has about 200 megawatts (MW) of diesel and gas contracts on hire with state-owned utility PLN, more than doubling the 140MW that Aggreko already has contracted with the electricity provider.

Announcing the Younicos takeover, Aggreko said the control of power and storage was crucial in maintaining stability and reliability of supplies amid the increasing deployment of renewable energy generation.

Chief executive Chris Weston said: “As a pioneer of smart energy solutions based on battery storage, Younicos is at the forefront of this trend.

“Together we are a powerful combination; our scale, fleet and global presence, coupled with a smart energy capability, will allow us to open up new markets and provide our customers around the world with a reliable, cheaper and cleaner source of energy.”

Prince said: “We are delighted to be joining with a market leading power provider in Aggreko. Batteries are an economically attractive and reliable asset which will play an increasing role as we transition from today’s energy market to the energy market of the future.

“Integration and management of multiple distributed energy sources will be necessary to optimise energy systems and deliver customers with greater stability at a lower economic and environmental cost.”